Junior Explorer Jumps on Gold Drill Results

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Erdene Resource Development Corp. (TSE:ERD), a junior explorer, moved up after announcing drill results from its projects in Mongolia

Sean Mason | December 19, 2016 | SmallCapPower

A few junior explorer speculators took a shine to gold/silver drill results Monday. Here’s some small stocks making big moves on Monday, December 19, 2016 (as of 4 pm EST):

Erdene Resource Development Corp. (TSE:ERD) shares climbed 15% to $0.54 on Monday after the junior explorer announced drill results from its 100%-owned Altan Nar Gold-Polymetallic Project and Altan Arrow Gold-Silver Project in Mongolia, which included 110 metres of 9.3 g/t gold, 32 g/t silver, and 1.4% combined lead-zinc.

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As well, shares of Canadian Overseas Petroleum Limited (CVE:XOP) plummeted 85% to $0.02 as the oil and gas explorer/developer said the Mesurado-1 well in Liberia reached final total depth on December 17, but no hydrocarbons were indicated by the logging while drilling operations performed across the targeted intervals.

Cathedral Energy Services Ltd. (TSE:CET), meanwhile, reported that it has entered into a definitive agreement to sell its flowback and production testing assets to Ideal Completions Group LLC for total cash consideration of $17.8 million. The transaction is expected to close on or about January 16, 2017. Cathedral Energy Services stock moved up 22% to $0.61 following the announcement.

Finally, Africa Oil Corp. (TSE:AOI) shares gained 16% to $2.46 after the Canadian oil and gas company announced the resumption of drilling on Block 13T in Kenya.

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